Don't get cancelled for nonpayment of premium

Just a word of caution to make sure that you don't let your policies end up being cancelled due to nonpayment of premium. During these tough times many business owners are choosing to not pay their premiums, which is usually the case when finances are being juggled. The problem with this is that when times turn around and the business owner can afford to pay their premiums they may have "burned some bridges" as far as having the opportunity to go back to their previous company to obtain coverage. If there have been too many incidences of payment problems many insurance companies will opt to not offer the coverage again in the future. Also, when your agent approaches other companies that might be willing, they are asked if the proposed insured has had any pay problems or cancellations due to non payment of premium. Take the long term view when facing financial difficulties and try to work with your agent to cut back as much as feasable in your coverage, allowing you still to cover essential areas, while still saving some dollars in insurance premium. Depending upon the area of the country you live in, the insurance market might be somewhat limited and you might not have as many options available. Try and take the emotion out of this process and focus on pragmatic, practicle solutions. Your agent will be willing to help.

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